1 among 3 Americans on the threshold of financial ruin – Secret to a better lifestyle

In the United States of America, the rich keep getting richer and the rest of the people just aren’t so lucky. As per a survey released by Bankrate.com, among 1000 adults, 38% Americans have credit card debt that almost equals to or sometimes even exceeds their emergency savings. Such ghastly numbers clearly indicate that 3 out of every 8 Americans are on the threshold of financial ruin. The worst fact is that not only do most of the not have an emergency fund, they’ve also used up certain portion of their available credit on their credit cards and hence they’re all running out of financial options.

This is indeed a problematic situation keeping in mind the fact that emergencies can occur more often that you may think. A survey in 2014 found out that half of all the Americans had gone through unforeseen and unexpected expenses in the last year, some among which could be certainly considered as emergencies. 45% of those who’ve had unanticipated expenses had either for health care and 46% had for car accidents and consequential repairs. Some age groups, for instance the 30 to 49 age group are even in a worse situation than the others when it comes to savings and debt. They’re particularly in a very bad shape with relation to their mortgage expenses and child-related costs.

Lifestyle changes to follow in order to achieve financial freedom in 2015

Time is actually passing by fast and as we just bid goodbye to 2014, January 2015 has also gone by. Very soon, 10% of 2015 will soon become history and hence we should start focusing on the remaining 90% so that we don’t have to face financial woes and monetary worries. Have a look at some inspirations and ideas to obtain and achieve your financial goals.

Debt mars you from achieving fiscal freedom: Are you drowning in any kind of debt? Whether credit cards or home loans or student loans or car loans any other type of loan like payday loans? If answered yes, your first job should be to eliminate your debt. Instead of wondering ‘how does debt consolidation work’, get in touch with a firm that will allow you to combine your unsecured debts and repay them in single monthly payments. Remember that there is no savings account or investment that will return the amount of money that you’re paying on interest fees. So, being debt free should be one’s primary goal.

Save as much as is possible for you: As soon as you’re able to trigger off your debts, the next big step that you need to take is to save as much as is possible for you. If you go to find out a point that all billionaires have in common, you will see that all of them save a lot. No, saving doesn’t mean restricting yourself from your daily coffee at Starbucks and adding that money to your bank. This is all about saving a fixed percentage of your income on a regular basis.

Practice saying ‘No’: You may come across a number of investment projects that might have promised you of huge returns. But since you don’t know which project will click for you and which won’t, you should learn to say ‘No’. At least, by saying ‘No’ to such offers, you can avoid wasting your hard-earned dollars. Time is money. Without researching thoroughly on any project, don’t confirm in the affirmative.

Stocks won’t make you a millionaire: Yes you must have heard about a lot of people who have made huge bucks through the stock market, but remember that they’re only the exceptions. When you invest in stocks on a regular basis, that might get you a good return with which you can support your income but that will never make you rich. In case you wish to invest in the stock market, you also have to spend a lot of time in comprehending the nuances of the game. So, play on the safe side by avoiding it.

Devise a financial plan: If your goal is to achieve financial success in 2015, devise a financial plan. Ask yourself what your financial goals are in 2015. What are the things that you want to accomplish in this year? However, make sure that your goals are manageable and realistic. Break it down and look at the major costs and sacrifice on all the unnecessary ones.

Hence, if your target is to achieve financial freedom in 2015, you can bring about the above mentioned changes in your lifestyle. Always stay in touch with a professional financial advisor so that you can be guided with the right steps to take. Save more money and pay off debt in the near future.